Supreme Court refuses to stay sale of electoral bonds ahead of assembly elections

The Supreme Court on Friday refused to stay sale of fresh set of electoral bonds for assembly elections. It said that since the bonds were allowed to be released in 2018 and 2019 without interruption, and sufficient safeguards are there, there is no justification to stay the electoral bonds at present.

A Bench headed by Chief Justice of India SA Bobde has dismissed the plea filed by the NGO Association of Democratic Rights which said that “there is a serious apprehension that sale of Electoral Bonds before the upcoming assembly elections would further increase illegal and illicit funding of political parties through shell companies.”

During the hearing on March 24, the Attorney General of India KK Venugopal assured the Court that funds received through electoral bonds were white money that could only be issued through cheque and demand draft, and for which Know Your Customer (KYC) norms had to be followed.

  • All
  • West Bengal
  • Tamil Nadu
  • Assam
  • Kerala
  • Puducherry

  • Advocate Prashant Bhushan appearing for ADR had argued that the Governor of the Reserve Bank of India has written a letter in which it was stated that the electoral bond scheme was filled with risk and would impact India’s financial system.

    (With inputs from ANI)

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